• DBS Funds Transfer

    DBS allows its customers to transfer funds between participating banks in the country almost immediately and securely. With DBS’ funds transfer service, you can send money to your family and friends without any hassles via the digibank app, ATMs, and iBanking. You can even visit any of the nearest branches and transfer funds to either other DBS accounts or other bank accounts.

    However, there is a maximum transfer limit. If you want to transfer funds to another bank’s account in Singapore, then you can send a maximum amount of S$1,000 in a day. This pre-set daily limit can be changed through the ‘Change Local Transfer Limit’ service. You can transfer between S$3,000 and S$200,000 to other DBS accounts.

    Options Available for Transfer of Funds in Singapore

    You can transfer funds from one account to another using the following methods:

    digibank app or iBanking

    If you want to transfer money to either a DBS account or another bank’s account, then you can choose PayNow and FAST via iBanking or the digibank app.

    PayNow

    PayNow is a service that facilitates instant funds transfer to any account in Singapore by simply indicating the recipient’s mobile number or FIN/NRIC number. This service is, currently, available on the digibank app, Paylah!, and iBanking. PayNow is only accessible by selected banks.

    How to Set Up PayNow

    Sending funds:

    • Sign in to DBS digibank app or iBanking.
    • Select ‘To Mobile Number or NRIC (PayNow)’ under the ‘Transfer’ option.
    • Input the receiver’s mobile number or NRIC and process the transfer.

    Receiving funds:

    • Link your phone number and/or FIN/NRIC with PayNow through the digibank app or iBanking.
    • Ask the sender to transfer money to the registered mobile number or FIN/NRIC via PayNow.

    FAST

    FAST or Fast and Secure Transfer is a local funds transfer service where you can send cash from one bank to another almost instantly. FAST transfer has a maximum pre-set limit of S$200,000 per transaction. However, this transfer limit can be changed or upgraded to a new limit through iBanking. FAST is accessible by 19 other participating banks only.

    How to Set Up FAST

    Sending funds:

    • Log in to DBS digibank app or iBanking.
    • Select ‘To Other Bank Account (FAST)’ under the ‘Transfer’ option.
    • Select the receiver’s bank, key in the payment details, and SMS message.
    • Click on ‘Submit’ and wait for the transaction status.

    Receiving funds:

    • Let the sender know your DBS account number.
    • Ask him/her to send funds to this account through FAST.

    Recurring Funds Transfer (Standing Instruction)

    The Singapore Dollar Standing instructions transfers a set amount from your DBS savings/current account to the selected receiving account on a weekly, monthly or a quarterly basis, automatically, based on your submitted request. The standing instructions can be set up via the digibank app.

    How to Set Up Recurring Funds Transfer

    • Sign in to digibank using your credentials.
    • Under ‘Transfer’, click ‘More Transfer Services’.
    • Click on ‘Other Services’ and select ‘Set Up Standing Instruction’.
    • Sign in with your 6-digit iBanking PIN.
    • Choose the receiver’s account.
    • Input the receiver’s name and reference (if required).
    • Choose the account you want to make the transfer from.
    • Type the amount, deduction date, and frequency of transfer.
    • Select ‘Next’.
    • Verify the details and click ‘Submit’.

    ATMs

    You can even choose to transfer funds to other accounts in SGD through the local ATMs.

    How to Transfer

    • Insert your ATM or debit card and type your PIN.
    • Select ‘More Services’.
    • Click on ‘Funds Transfer/Fixed Deposit’.
    • Select the account type to debit or credit.
    • Choose ‘To Another Account’.
    • Indicate the receiver’s account number.
    • Type the amount.
    • Verify the details and press ‘Confirm’.

    Branches

    If you want to make interbank transfers, then you can choose MEPS by visiting any of the nearest DBS branches.

    MEPS

    MEPS or MAS Electronic Payment System is an interbank payment and settlement system which lets you make same day transfers if you submit the request on weekdays within the cut-off time of 2:00 p.m. Requests submitted after the cut-off time will be considered on the next business day. This service is available only at DBS branches. Each transfer will cost you S$20.

    Drafts and Online Cheques

    PayEasy allows you to send cheques for free to anyone if you do not have a chequebook or if the receiver requires a bank draft. In such a case, the bank will mail a cheque on your behalf when you log in to your iBanking account and initiate the transfer. You can send foreign bank drafts too.

    Cashier’s Order

    A Cashier’s Order or a Banker’s draft is a cheque issued by DBS to be sent to the selected receiver. You can send a Cashier’s Order via iBanking at no cost at all.

    Overseas Funds Transfer and Remit

    Transfer cash online on the same day at S$0 fees to China, Australia, Eurozone countries, Canada, India, Hong Kong, Philippines, Malaysia, Thailand, Indonesia, the USA, and the UK. Get preferential forex rates when you transfer S$50,000 or more. You can transfer the amount at any time or anywhere through digibank or iWealth. The receiver will get the amount either on the same day or within 2 to 4 business days.

    DBS Remit and OTT

    To make a transfer to a foreign account, you will need the receiver’s name, residential address, and bank details. Ensure that you have enough funds in your account at the time of debiting the amount. You can choose to transfer funds from your Current, personal or joint Singapore Dollar Savings, and Multi-Currency accounts.

    The daily overseas transfer limit is S$200,000 for 12 countries. This transfer limit can be changed via iBanking or the digibank app. Each country has a cut-off time for same-day transfers. Outside of the cut-off time, the request will be processed on the next business day.

    Cut-Off Time for DBS Remit

    The table below shows the countries and their cut-off time for same-day transfer:

    Countries Cut-off time
    Malaysia (MYR) 8:00 a.m. to 2:30 p.m.
    China (CNY) 8:00 a.m. to 3:00 p.m.
    Indonesia (IDR) 8:00 a.m. to 2:00 p.m.
    Philippines (PHP) 8:00 a.m. to 11:00 p.m.
    Thailand (THB) 8:00 a.m. to 11:30 a.m.
    Eurozone Countries (EUR) 8:00 a.m. to 5:00 p.m.
    USA (USD) 8:00 a.m. to 5:00 p.m.
    UK (GBP) 8:00 a.m. to 5:00 p.m.
    India (INR) 8:00 a.m. to 4:30 p.m.
    Hong Kong (HKD) 8:00 a.m. to 4:30 p.m.
    Canada (CAD) 8:00 a.m. to 5:00 p.m.
    Australia (AUD) 8:00 a.m. to 12:00 p.m.

    Inward Telegraphic Transfer (ITT)

    ITT is a receipt of money by Telex/SWIFT from an overseas party. DBS Bank has an extensive network of overseas branches and correspondent banks. Hence, to receive cash from an overseas party, you must give them the following information:

    • Your name as per DBS Bank’s records.
    • Your DBS Bank account number.
    • Name of the beneficiary bank, which is DBS Bank.
    • Full address of DBS Bank.
    • SWIFT Code: DBSSSGSG.

    You can track your funds by checking your transaction history through the digibank app or iBanking.

    How to Transfer Funds Overseas via iBanking

    • Sign in to your iBanking account.
    • Select the country and the currency.
    • Type the amount you wish to remit.
    • Select the ‘FX Watch’ (minimum of S$1,000 remittance to use the watch) and indicate your preferred forex rate and the date of transfer.

    How to Transfer Funds Overseas via digibank Online

    • Sign in to your digibank Online account using your ID and password.
    • Select ‘Transfer’ followed by ‘DBS Remit and Overseas Transfer’.
    • Sign in with your 6-digit iBanking PIN.
    • Under ‘Overseas Recipient’, select ‘Transfer’ next to the receiver.
    • Choose the amount and currency.
    • Provide authorisation and click ‘Next’.
    • Follow the 2-Factor Authentication Instructions and click on ‘Submit’.

    How to Transfer Funds Overseas via digibank mobile

    • Sign in to digibank mobile with your credentials.
    • Select ‘PayNow/Transfer’ followed by ‘To Other SG/Overseas Payee’.
    • Choose the payee.
    • Select the account and type the amount.
    • Indicate the payee residency status and the purpose of remittance.
    • Authorise the transaction and click on ‘Next’.
    • Follow the 2-Factor Authentication Instructions and click on ‘Submit’.

    How to Change Local Funds Transfer Limits

    The local daily funds transfer limit for DBS accounts is locked at a minimum of S$3,000 and a maximum of S$200,000. If you want to transfer to other local banks, then you can send a minimum of S$1,000 and a maximum of S$200,000. The transfer limit can be increased via digibank Online.

    • Sign in to your digibank Online account with your credentials.
    • Choose ‘Transfer’ and select ‘More Transfer Services’.
    • Under the category ‘Manage Recipients and Transfers’, click on ‘Change Local Transfer Limit’.
    • Log in with your 6-Digit iBanking PIN.
    • Choose the transfer type.
    • Choose the new limit.
    • Complete the 2-Factor Authentication Instructions (if prompted).
    • Click on ’Submit’ to change your local transfer limit.

    How to Change Overseas Funds Transfer Limits

    The overseas daily funds transfer limit is locked at S$1,000. This amount can be increased to S$200,000 via digibank Online.

    • Sign in to your digibank Online account with your credentials.
    • Choose ‘Transfer’ and select ‘DBS Remit and Overseas Transfer’.
    • Sign in with your 6-Digit iBanking PIN.
    • Under the ‘Transfer Limit’ option, click on ‘Update’.
    • Choose the daily transfer limit you want upgrade to.
    • Follow the 2-Factor Authentication Instructions (if required).
    • Click on ‘Submit’ to make the changes.

    How Much Will it Cost?

    Local Funds Transfer

    The table below shows the fees and charges applicable on this local service:

    Transfer at branch via MEPS S$20 per transaction
    Transfer at branch via FAST S$20 per transaction
    Amendment fee via branch S$5
    One-time sign-up fee for online cheques, Cashier’s order, and standing instruction S$10 (branch)

    Overseas Funds Transfer

    The table below shows the fees and charges applicable on the overseas funds transfer:

    Branch Transfers

    Cable/Telex charge S$20 per transaction
    Handling commission S$10 (minimum fee) S$120 (maximum fee)

    Online Transfers

    Cable/Telex charge S$20 per transaction
    Handling commission S$5 for remittance of S$5,000 S$10 for remittance of S$25,000 S$35 for remittance above S$25,000

    DBS Remit

    Tracer fee S$20 + any agent charges
    Amendment fee S$30
    Recall fee S$35

    FAST Banks You Can Transfer to From DBS

    Below is the list of some of the participating FAST banks and the accounts you can send/receive funds:

    FAST banks Pay Receive
    Bank of China MoneyPlus Credit Card MoneyPlus Credit Card
    Citi - Credit Card Ready Credit
    DBS Bank/POSB Cashline Credit Card Cashline Credit Card
    Maybank CreditAble CreditAble
    OCBC Bank EasiCredit Credit Card EasiCredit
    UOB CashPlus CashPlus Credit Card Virtual Account Service

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